Electronic payment systems that use electronic checks for solving mutual settlement problems are well-known. In particular, the CyberCheck system, which uses electronic checks as a means of payment for goods and services has become commonplace. In this system, a check is only used for the execution of payment operations and is only generated after its signing by the users, which does not ensure the full scope of monetary fund circulation, considerably narrows settlement system capabilities and creates prerequisites for issuing uncovered checks.
Also familiar is the NetChex system, which is a conditionally electronic payment system. In this system, the customer's order to issue a check is only received in electronic form, and the check is to be sent to the supplier of services/goods in paper form, which also narrows settlement system capabilities and significantly complicates the check circulation process.
The use of Paymer digital checks for settlement purposes is also well-known. In the implementation of this system, information about checks upon their circulation is stored in documented form in hard copy, and the execution of transactions by means of checks between system users is possible both in electronic form and in hard copy. At that, checks are not referenced to a particular owner, whereby the problem of “joint possession” of a check arises. It is evident that this system does not permit excluding risks in implementing electronic mutual settlements and does not ensure the transparency of all electronic check processing operations.